Exhibit 10.2 [PLATINUM LOGO] The Belvedere Building 69 Pitts Bay Road, Pembroke HM 08 P.O. Box HM 3012 Hamilton HM MX, Bermuda Tel: (441) 295-7195 Fax: (441) 295-4605 May 19, 2004 The St. Paul Companies, Inc. 385 Washington Street St. Paul, MN 55102 Attention: Mr. Mark Wigmore RE: MASTER SERVICES AGREEMENT - LETTER AGREEMENT Gentlemen: Reference is made to the Master Services Agreement, dated as of November 1, 2002 as amended (the "Agreement") between The St. Paul Companies, Inc. ("St. Paul") and Platinum Underwriters Holdings, Ltd. ("Platinum"). Capitalized terms used but not defined herein have the meanings specified in the Agreement. This letter confirms the agreement between St. Paul and Platinum to modify the Agreement by (i) extending the Maximum Service Period for the Services provided by St. Paul or its Post-closing Subsidiaries from June 30, 2003 until June 30, 2005. The Agreement shall expire June 30, 2005, subject to the provisions of Section 1(c) of the Agreement. All other terms and conditions of the Agreement will remain in full force and effect. Sincerely, PLATINUM UNDERWRITERS HOLDINGS, LTD. By: /s/ Gregory E.A. Morrison -------------------------------- Gregory E.A. Morrison President and Chief Executive Officer ACKNOWLEDGED, ACCEPTED AND AGREED: THE ST. PAUL COMPANIES, INC. By: /s/ Mark Wigmore -------------------------------- Mark Wigmore Senior Vice President